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J & K Bank Plans To Sell Its Entire 5% Stake In PNB MetLife

PNB MetLife is a joint venture between state-run Punjab National Bank (PNB),
US-based MetLife Inc., J & K Bank, M Pallonji and Company, and other
private investors. PNB and MetLife Inc. are the majority shareholders in the
JV, with 30% and 26% stake, respectively.

Although the pricing has not been finalised yet, the mid-sized bank is
expecting to raise about Rs.700 crore from the deal. As per the sources, the
bank will use the capital to strengthen its core business, banking.

Majority stakeholders will have the first 'right to refusal' in buying J&K
Bank's stake in the JV, said the sources, adding, “If they were not willing,
the bank will search for a buyer outside the company."